We all are aware of the fact that we all have to pay tax. Usually, the amount of income tax depends on the income of the person. However, how much do we really know about the tax brackets? And what qualifies someone to enter the tax bracket? Let us find out. Income Tax BracketThe[...]
The audit of the accounts of the income taxpayer in pursuance of the requirement of section 44AB of Income Tax Act, 1961 by a chartered accountant is called tax audit.Tax Audit and its Legal ProvisionsAs per section 44AB, it is compulsorily required for the following persons to c[...]
Internal control and internal audits are interlinked mechanisms and processes, within an organization to ensure that it adheres to certain standards in its conduct and management.
Internal control, as the name suggests, refers to the 'controls' that are put in place within [...]
An artificial person with a separate entity, perpetual succession, and common seal brought to existence by the law is a COMPANY.
However, generally people use the term 'COMPANY' for any group of people or and business, which is technically and legally not correct, herewith, we a[...]
Book-keeping is the systematic recording and organizing of financial transactions in an organization, which involves the process of recording, analyzing, and interpreting financial transactions of a business entity. Accuracy is a vital factor in this process, thereby ensuring tha[...]
For every government entity, accountability to the public is essential. Government audits bring to the limelight the unique problems and constraints faced by the public sector. This is why several companies have a dedicated audit service line to provide specialized audit services[...]
Foreign Direct Investment (FDI) has seen a dramatic rise in India, especially since 2015 when India took over China and United States (US) to be the top destination for Foreign Direct Investment. Giving way to 31$ billion investment in the first half of 2015, foreign businesses s[...]
Business valuation is a set of processes and steps that help to assess and arrive at the worth of a business. In other words, valuing a company refers to the processes adopted to set an objective and fair price for a company in a financial market. The Need for Company Valuat[...]
Transactions between two or more companies/entities in India are governed and guided by a specific set of rules and laws. However, this is not in the case where transactions happen between two related entities overseas.There are separate sets of rules in various statutes in INDIA[...]
Moving to a foreign country often proves to be a challenge and coming to terms with a new taxation system is one of the many significant factors contributing to this challenge. If you thought tax laws were meant only for persons belonging to a particular country, you thought wron[...]